Such an agreement may possibly be wiser than unceasing and
deadly conflict; it nevertheless partakes too much of the ludicrous
to deserve to be seriously considered as an expedient for the
maintenance of civil society. It would certainly seem that
mankind might agree upon a cessation of hostilities, upon more
rational and equitable terms than that of unconditional
submission on the part of the less numerous body. Unconditional
submission is usually the last act of one who confesses himself
subdued and enslaved. How any one ever came to imagine that
condition to be one of freedom, has never been explained. And as
for the system being adapted to the maintenance of justice among
men, it is a mystery that any human mind could ever have been
visited with an insanity wild enough to originate the idea.
If it be said that other corporations, than governments,
surrender their affairs into the hands of the majority, the
answer is, that they allow majorities to determine only trifling
matters, that are in their nature mere questions of discretion,
and where there is no natural presumption of justice or right on
one side rather than the other. They never surrender to the
majority the power to dispose of; or, what is practically the
same thing, to determine, the rights of any individual member.
The rights of every member are determined by the written
compact, to which all the members have voluntarily agreed.
For example. A banking corporation allows a majority to
determine such questions of discretion as whether the note of
A or of B shall be discounted; whether notes shall be discounted
on one, two, or six days in the week; how many hours in a day
their banking-house shall be kept open; how many clerks shall
be employed; what salaries they shall receive, and such like
matters, which are in their nature mere subjects of discretion,
and where there are no natural presumptions of justice or right
in favor of one course over the other. But no banking corporation
allows a majority, or any other number of its members less than
the whole, to divert the funds of the corporation to any other
purpose than the one to which every member of the corporation
has legally agreed that they may be devoted; nor to take the stock of
one member and give it to another; nor to distribute the
dividends among the stockholders otherwise than to each one the
proportion which he has agreed to accept, and all the others have
agreed that he shall receive. Nor does any banking corporation
allow a majority to impose taxes upon the members for the
payment of the corporate expenses, except in such proportions as
every member has consented that they may be imposed. All these
questions, involving the rights of the members as against each
other, are fixed by the articles of the association, that is, by
the agreement to which every member has personally assented.
Public-domain text, read in full here on John Shaqi.
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